Navios Maritime Announces Acquisition of Four Newbuilding Tankers

MarineLink.com
Monday, August 05, 2013

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced  that it has agreed to acquire two newbuilding chemical tankers and has also exercised the options to acquire two MR2 product tankers for an aggregate purchase price of $130.2 million.

Two Chemical Tankers
Navios Acquisition has agreed to acquire two newbuilding chemical/product tankers for approximately $33.6 million each. The vessels are 45,000 dwt each, with estimated deliveries in the third quarter of 2013. Upon delivery, these vessels will be named the Nave Universe and the Nave Constellation.

Each vessel has been chartered out to a quality counterparty for two years at a rate of $14,869 net per day, plus 50% profit sharing based on a formula. The charterer has been granted an option for an additional year at a rate of $16,088 net per day, plus 50% profit sharing.

Each vessel is expected to generate approximately $3 million of annual base EBITDA ($6 million of aggregate base EBITDA for the charter period) assuming operating expense approximating current operating costs and 360 revenue days per year.

Two MR2 Product Tankers
Navios Acquisition announced that it has exercised the options to acquire two MR2 product tankers for approximately $31.5 million each. The vessels are newbuilding MR2 Eco Type product tankers of 51,200 dwt each, with estimated deliveries within the first half of 2015.

Financing
Navios Acquisition is expected to finance both of these acquisitions with cash on its balance sheet and 60% bank debt on terms consistent with its existing credit facilities.

Fleet Update
Navios Acquisition currently owns 40 vessels: 29 product tankers, four chemical tankers and seven crude tankers.

Navios Acquisition has contracted 89.1% and 53.5% of its available days on a charter-out basis for 2013 and 2014, respectively.

The average charter-out period of Navios Acquisition's fleet is 2.5 years.
 

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

ASA Mission Statement Revised to Expand Reach

The American Salvage Association has revised its mission statement to increase its area of influence beyond North America, complemented by a new logo that reflects the expanded direction.

New Chemical Handling Service from Ferguson Group

Tank, Fluid Solutions and Bunded Storage for Dangerous Goods and Chemicals Introduced at Gap Ridge, Karratha.    Ferguson Group Australia, global specialist in offshore DNV 2.

BP Freezes Pay in 2015 to Cut Costs

BP is freezing base pay across the group this year, the latest in a series of steps by oil majors to cut costs in response to sinking oil prices.   Over the past year,

Tanker Trends

Libya Forces Tanker Away from Supplying Rival Government

Libya's recognized government said it forced a tanker from delivering fuel to its rival administration, diverting the vessel to its own territory by threatening an air attack on it.

Gypsy Moth Clause Takes Balanced Approach to Risk

A new BIMCO clause provides a simple, practical and commercial solution focusing on the basic obligations and responsibilities of owners and charterers when dealing with the Asian Gypsy Moth (AGM).

Batangas Port Sets Container Record

Batangas Container Terminal (BCT) set a new record in 2014 for containers handled, says its operator Asian Terminals, Inc. (ATI).  Port handled over 98,000 twenty-foot-equivalent

Vessels

InterMoor Completes Juniper Mooring Installation Contract

InterMoor has completed a mooring and foundation installation campaign for bpTT’s Juniper gas project offshore Trinidad and Tobago, reportedly the largest foundation

Huisman Cranes for New Maersk Subsea Support Vessels

In December 2014, Huisman secured a contract from COSCO (Dalian) Shipyard for the delivery of four customized 400mt Rope Luffing Knuckle Boom Cranes and two 100mt

Coast Guard Cutter William Trump Commissioned

The Coast Guard Cutter William Trump was commissioned during a ceremony at Coast Guard Sector Key West Saturday Jan. 24, 2015. The Trump is the 11th fast response cutter in the Coast Guard fleet.

Mergers & Acquisitions

Coldharbour Marine's New UK Office

Coldharbour Marine, long recognised for the design, manufacture and supply of inert gas and fluid handling equipment vessels (FPSOs) has moved into a new 25k sq.

CEVA Opens 4th Chicago Office

CEVA Logistics, one of the world's leading supply chain management companies, has expanded its market presence in Chicago with the opening of a fourth facility.

Chevron, SK LNG Trading Ink Deal for LNG Supply

Chevron Corporation today announced its Australian subsidiaries have signed a binding Sales and Purchase Agreement (SPA) with SK LNG Trading Pte Ltd (SK). Under the SPA,

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1886 sec (5 req/sec)